(Unofficial Translation)

Honorable Chair, Excellencies,

I am grateful to Prime Minister Draghi and the people of Italy for organizing this event to bring us together in one place after two years.  

During the COVID-19 crisis, the G20 has played a pivotal role for solidarity and cooperation. The launch of ACT-A, the Access to COVID-19 Tools Accelerator, has helped strengthen healthcare cooperation. Expansionary macroeconomic policies have been implemented at the same time. However, the pandemic has been dragging on much longer than expected, causing very extensive and deep damage and wounds. The G20’s solidarity and cooperation must be further reinforced. 

COVID-19 vaccination rates vary wildly by country. We should not only administer vaccines to the unvaccinated in our respective nations but also simultaneously increase vaccination rates in all countries. Without this, it will be difficult to bring anti-epidemic situations under control and achieve a complete return to normal daily life. With a keen understanding of this fact, we must take swift action. Korea will faithfully fulfill its pledge to donate US$200 million to COVAX for equitable vaccine distribution and also keep providing support directly to vaccine-deficient countries. We, as a global vaccine manufacturing hub, will further expand our production capacity. Efforts to develop new vaccines and treatments will be stepped up as well. I hope to see concrete progress in talks to make the international healthcare cooperation system stronger. 

Though our vaccination started relatively late, Korea now ranks among the countries with the fastest and highest inoculation rates. Now, we are about to begin a step-by-step recovery of daily routines. These experiences will be actively shared with every country around the world.

Policy coordination is urgently needed as well to make the global economic recovery inclusive. First, we need to make the assistance plans for low-income countries more concrete. Korea supports measures that ease the debt burden on these countries and will also actively participate in providing liquidity through IMF Special Drawing Rights. To this end, we currently contribute US$1 billion in SDRs and plan to provide an additional US$450 million in SDRs.

Second, we need to strengthen cooperation in global macroeconomic policies. We must curb global price increases for raw materials to prevent inflation concerns while maintaining expansionary policies. I’d also like to emphasize that communication should be strengthened when some leading countries switch their monetary and other policies in order to minimize possible adverse ripple effects.    

Third, the reform of the World Trade Organization has to be reinforced to restore free trade and stabilize global supply chains. For sustainable growth, a global trade system based on open and fair rules must be maintained and advanced further.

Fourth, we need to establish common standards more quickly as a response to the transition to a digital economy. Recently, the OECD members agreed to introduce a digital service tax. Follow-up measures will have to be put in place to ensure that these new international tax norms are applied fairly.

Excellencies,

The whole world is facing a crisis due to COVID-19, but we rely on each other more deeply than ever before. We will never be able to surmount the crisis if we seek ways to survive on our own. I hope the G20 assumes a greater sense of responsibility in order to build an inclusive and sustainable world.

Thank you.